I can confirm what you’ve seen is correct. Here’s the official statement if you haven’t seen it:

We’d like to thank our web community for bringing these challenges to our attention, as building community trust and protecting all of our users is critical to us. We have modified the Search-Shield component of LinkScanner to only notify users of malicious sites; this modified version will be rolled out on July 9th 2008. As of this date. Search-Shield will no longer scan each search result online for new exploits, which was causing the spikes that webmasters addressed with us. However, it is important to note that AVG still offers full protection against potential exploits through the Active Surf-Shield component of our product, which checks every page for malicious content as it is visited but before it is opened.

Pat